Jump to content
DOSBODS
  • Welcome to DOSBODS

     

    DOSBODS is free of any advertising.

    Ads are annoying, and - increasingly - advertising companies limit free speech online. DOSBODS Forums are completely free to use. Please create a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

     

Sanjeev Gupta + Liberty House


Recommended Posts

dgul
On 18/03/2021 at 08:09, spygirl said:

Liberty Steel: Nationalise company if necessary, says Ed Miliband

https://www.bbc.co.uk/news/business-56437665

The government should nationalise Liberty Steel if necessary says shadow business secretary Ed Miliband.

He said the situation was "urgent and worrying" and nothing should be off the table, including nationalisation, to save thousands of jobs in a key strategic industry.

"These are crucial jobs for communities up and down this country," he said.

Liberty owns 12 steel plants in the UK, including at Rotherham, Motherwell and Newport, and employs 5,000 people.

Mr Milliband told the BBC the plants are "a crucial part of our strategic infrastructure, are crucial for the aerospace sector to automotive. Let's hope that Liberty steel can find that the refinancing that it's looking for but the government needs a plan B to make sure whatever happens, these jobs are saved."

What aerospace sector?

Just Acardia alone, never mind Debenham, saw jobs losses of ~15k last year.

These were jobs mainly done by wimmin.

Why did you not support thiose jobs, Mr Milliband?

Do you hate wimmin Mr Milliband??

 

Support to companies is complicated.

But in general I'd say that it is important to say 'what happens next.

If you lose jobs in retail then when the recovery comes the jobs will come back.  Sure, you have to think about the staff, but the companies aren't so important.

If you lose industrial capacity the jobs are likely lost forever. 

What has annoyed me immensely in recent recessions is that they've worried more about low cost of entry jobs (retail, estate agents, etc) which would probably return rapidly compared with jobs that require significant capital investment to return.

So I'm happy with them supporting the steel industry.   just so long as no money goes to the vultures and that efforts are made to chase money if there's evidence of mismanagement at senior level.

  • Agree 2
Link to post
Share on other sites
  • Replies 113
  • Created
  • Last Reply

Top Posters In This Topic

  • spygirl

    83

  • wherebee

    10

  • eek

    5

  • Chewing Grass

    3

Top Posters In This Topic

Popular Posts

Let me clarify - Shareholders equity should go. ank debt should be restructured. Employment terms should be reduced. Directors loans and assets should be pursued relentlessly.

FT have started blocking comments on Gupta articles, which points to something criminal underway.  

Labour don't understand the basics of liquidation Labour: Save Liberty Steel before it goes bust - BBC News The entire point is you want to be organised enough that the firm goes bankrupt an

Posted Images

spygirl
1 hour ago, dgul said:

Support to companies is complicated.

But in general I'd say that it is important to say 'what happens next.

If you lose jobs in retail then when the recovery comes the jobs will come back.  Sure, you have to think about the staff, but the companies aren't so important.

If you lose industrial capacity the jobs are likely lost forever. 

What has annoyed me immensely in recent recessions is that they've worried more about low cost of entry jobs (retail, estate agents, etc) which would probably return rapidly compared with jobs that require significant capital investment to return.

So I'm happy with them supporting the steel industry.   just so long as no money goes to the vultures and that efforts are made to chase money if there's evidence of mismanagement at senior level.

Let me clarify -

Shareholders equity should go.

ank debt should be restructured.

Employment terms should be reduced.

Directors loans and assets should be pursued relentlessly.

Then stat can provide working capital.

  • Agree 3
Link to post
Share on other sites
spygirl
9 hours ago, spygirl said:

UK draws up plans to run Liberty Steel if Gupta’s GFG collapses

Industrial group seeking new financing after failure of Greensill Capital, its main lender

https://www.ft.com/content/ab703b04-ac1e-4589-972b-bbcd64f02e23

 

How Sanjeev Gupta lived large on the back of rickety financing

Mansion is latest purchase by ‘saviour of steel’ whose empire received taxpayer loans

https://www.ft.com/content/8d5956d2-33e0-4ab0-a6d9-76cf63929bd9

e66d256f-5d93-436f-8693-99741437e8cb.jpg

But hes got such an innocent face FFS

Ill put the piccies in, which post

0642ba20-88d5-11eb-965e-438d57413b55-sta

115b24b3-6cb7-4f03-8316-e0bdd698c224.jpg

a86c1b36-0131-45f3-b58f-f6cf8f863973.jpg

5f692530-88d5-11eb-bcc8-f5dff444c38d-sta

835ccd4e-cc9f-4819-bb2a-379e0009d629.jpg

Massive Metallica fan. Apparently.

 



Gupta has since moved his main UK operations to a new headquarters in Belgravia. The striking white stone and glass fronted building is still sometimes referred to by the name of one of its most notorious previous tenants: Enron House.

Link to post
Share on other sites
spygirl

https://www.ft.com/content/d81769e0-a9c9-4384-9c33-32dd19d8a78b



Gupta wrote to ministers at the department of business on Thursday evening asking for £170m to help with working capital as his metals and commodities empire, GFG Alliance, buckles under billions of dollars of debt. The collapse of its main lender Greensill Capital earlier this month has forced the group, which has $20bn in turnover and employs 35,000 people across four continents, to look for alternative funds. The government wrote back on Friday evening formally rejecting the request and citing multiple concerns, according to people familiar with the situation. “It was a quick response,” said one government figure.

 

Hello. This be Dave from Amazon. You have ordered very much an iPhone. If you not do cancel tye order you be paying for it.

Please transfer 270m rubles to ...

 

£170m. Not wonder they turned it down. It would take take ages to scratch off 170m of Amazon gift vouchers.....

 

Link to post
Share on other sites
spygirl

2018:

https://www.forbes.com/sites/chrystanpaul/2018/03/21/why-sanjeev-gupta-may-just-be-the-worlds-most-ambitious-industrialist/?sh=aba534a252d1

Why Sanjeev Gupta May Just Be The World's Most Ambitious Industrialist

Seen to be staging a bold bet, Gupta and his family-owned companies spent an estimated $770 million on UK acquisitions between 2013 and 2017

How deep is the Gupta family balance sheet? How has the family generated such vast wealth?

 

2021:

Sanjeev Gupta rushes to raise cash to save steel empire

GFG Alliance seeks to shore up finances while it finds alternative long-term funding

https://www.ft.com/content/d81769e0-a9c9-4384-9c33-32dd19d8a78b

 

Maybe he needs to start looking in the sofas of his many many mansions?



Ministers, however, said they were anxious about GFG’s opaque structure and fear that any handout could end up leaving the UK. “Our priority is the UK sites and jobs, not this corporate entity,” said one government figure. 

Too fucking right.

Link to post
Share on other sites
spygirl

Gupta confirms UK government axed Greensill loan guarantee

Metals tycoon defends close relationship with financial backer and London property purchase

https://www.ft.com/content/c024eb75-70d3-48c3-bacc-970309c3f840

Describing GFG as a “leader in decarbonisation” that had “comprehensively won the green steel argument”, Gupta noted that he had built his empire “all from nothing” in just eight years.

 

Hes built nowt.

Just borrowed money and bought stuff.

  • Agree 1
Link to post
Share on other sites
spygirl



Gupta, who has been overseeing the unfolding crisis at his group from a residence in Dubai, also spoke about his purchase of a £42m London property. The FT revealed that Gupta last year bought the six-storey townhouse in London’s Belgravia district. “We wanted to basically settle down. We looked for a family house,” he said. “We took a mortgage and we bought a lovely house.”

Link to post
Share on other sites
spygirl

How Lex Greensill and David Cameron tried to woo Saudi Arabia’s crown prince

Financier boasted of desert trip with former prime minister and Mohammed bin Salman

https://www.ft.com/content/e3cf4459-dd54-49c1-a777-276f8ae0d406



Before Greensill Capital collapsed this month, one of Lex Greensill’s favourite anecdotes was a camping trip he said he had taken with David Cameron and Saudi Crown Prince Mohammed bin Salman.

I bet they didnt have tins of sausage and beans or all day breakfast in a can.

 

Link to post
Share on other sites
spygirl

The case for a rescue of Liberty Steel assets

Price of any support for the plants should be the exit of Sanjeev Gupta

https://www.ft.com/content/f7e39a11-80a2-41aa-8e0a-9817a0487af3



In terms of the raw number of jobs, there is not much of a case for saving Liberty Steel. The 3,000 or so workers that it directly employs in the UK are far fewer than the 12,000 at risk from the department store Debenhams, which was allowed to fail. However, the government may still be tempted to step in given that many of the steel jobs are located in politically sensitive areas, including in Hartlepool, where a by-election is scheduled for early May.

...



Either way, the price for any support should be Gupta’s exit — the government rightly rejected his call for a £170m bailout, citing concerns over the group’s opaque structure. Nationalising the assets does not mean saving the company, which if it cannot stand on its own two feet has failed. Shareholders should not expect to get anything back and creditors will have to go through a bankruptcy process — according to documents seen by the Financial Times, the company’s UK assets have an estimated equity value of negative $800m. The state, if it values the assets, can buy them for their proper price.

-800m?

Mr Gupta was on the radio.

I didnt click it was him, til the end, when the interviewer said Thank you Sanjeev Gupta.

He sounded a very long way away. I doubt the UK will see him again.

 

  • Informative 1
Link to post
Share on other sites
spygirl

https://www.bbc.co.uk/news/business-56595046

Liberty Steel owner Sanjeev Gupta has claimed that none of his plants will shut "under my watch" as he races to refinance his business after the collapse of financial backer Greensill.

He said taking on the UK plants had been a "tough journey" and a "labour of love", but he would not walk away.

Mr Gupta was rebuffed by the UK government after asking for £170m.

Some investors have also begun legal action to have parts of his metals group wound up.

But Mr Gupta said his group "are not waiting for anybody" and "are doing what we can to help our businesses".

"Our overall global operations are profitable, we have refinancing offers, we will refinance, and we will support our UK business also," Mr Gupta told the BBC's Today programme.

"None of my steel plants under my watch will be shut down," he said.

 

Lying cunt.

Link to post
Share on other sites
eek
1 hour ago, spygirl said:

https://www.bbc.co.uk/news/business-56595046

Liberty Steel owner Sanjeev Gupta has claimed that none of his plants will shut "under my watch" as he races to refinance his business after the collapse of financial backer Greensill.

He said taking on the UK plants had been a "tough journey" and a "labour of love", but he would not walk away.

Mr Gupta was rebuffed by the UK government after asking for £170m.

Some investors have also begun legal action to have parts of his metals group wound up.

But Mr Gupta said his group "are not waiting for anybody" and "are doing what we can to help our businesses".

"Our overall global operations are profitable, we have refinancing offers, we will refinance, and we will support our UK business also," Mr Gupta told the BBC's Today programme.

"None of my steel plants under my watch will be shut down," he said.

 

Lying cunt.

I think he is right - none of his plants will be shut down under his watch - come some point next week they won't be his plants. 

 

Link to post
Share on other sites
spygirl
8 hours ago, eek said:

I think he is right - none of his plants will be shut down under his watch - come some point next week they won't be his plants. 

 

I wonder if he knew it was April 1st.

Link to post
Share on other sites
Chewing Grass
12 hours ago, eek said:

I think he is right - none of his plants will be shut down under his watch - come some point next week they won't be his plants. 

 

I can see this coming true as well.

In October 2019, Gupta consolidated all his global steel businesses to form Liberty Steel Group, which he announced would aim to be the world's first carbon neutral company by 2030.

  • Agree 1
  • Lol 1
Link to post
Share on other sites
spygirl

Greensill Capital’s administrator unable to verify Gupta invoices

Exclusive: Grant Thornton has received denials from companies listed as debtors to steel group

https://www.ft.com/content/fe234f59-75b9-44f7-af8a-f05e588957b7

Sooooo ... Looker Lexis big thang was factor financing, allowing money to be advanced *before* the customer ha even thought about placing an order.

Guppy was his biggest creditor.

Gubby stretched the already cant-be-belive-how-stupid Lexi idea and just made up invoices for cash.

No ........

 

 

Link to post
Share on other sites
spygirl



Greensill Capital’s administrator has been unable to verify invoices underpinning loans to Sanjeev Gupta, after companies listed on the documents denied that they had ever done business with the metals magnate.

Hello. Is that St Davids Primary school? This is the Grant Thornton.

When do you want the order of 10 tonnes of steel bars delivered?

  • Lol 1
Link to post
Share on other sites
spygirl



RPS Siegen GmbH, a German scrap metals business, confirmed to the FT that it had been approached about an outstanding invoice and said that it had not traded with Liberty Commodities.

“We know them, but a trading relationship between us does not exist,” said Winfried Winterhager, manager at RPS Siegen.

Grant Thornton and Greensill Capital declined to comment.

Gupta’s GFG Alliance said it was unable to comment without seeing the relevant invoices.

 

Surely the question is - any invoice for  RPS Siegen

Link to post
Share on other sites
wherebee
2 hours ago, spygirl said:

Greensill Capital’s administrator unable to verify Gupta invoices

Exclusive: Grant Thornton has received denials from companies listed as debtors to steel group

https://www.ft.com/content/fe234f59-75b9-44f7-af8a-f05e588957b7

Sooooo ... Looker Lexis big thang was factor financing, allowing money to be advanced *before* the customer ha even thought about placing an order.

Guppy was his biggest creditor.

Gubby stretched the already cant-be-belive-how-stupid Lexi idea and just made up invoices for cash.

No ........

 

 

This was so obvious to me as as soon as the forward factoring scheme was explained to me.  of COURSE you will get fraud unless you have very very rigorous checks on the 'sales'.  And if the 'sales' are what keeps the management at the customer going, they are going to go along with the fraud as well.

fucking hell.  there should be many, many people in jail over this, including regulators and auditors.

  • Agree 2
Link to post
Share on other sites
spygirl

Commodities groups investigate web domains linked to GFG Alliance

FT uncovers further indications of companies with ties to Sanjeev Gupta’s troubled steel empire

https://www.ft.com/content/a1263219-b0f9-4484-a21e-7f489b2eeb35

Commodities trading houses have launched investigations after web domains resembling their own were registered to an email address of an employee at Sanjeev Gupta’s metals empire.

 

Brown bloke finance/business ....

'Friends of Sanjeev' setting up domains with spoof emails, so they can send in pretend invoices.

I bet Sanjeev never steps foot in the UK - at least without court order.

 

 

 

  • Informative 2
Link to post
Share on other sites
eek
1 hour ago, spygirl said:

Commodities groups investigate web domains linked to GFG Alliance

FT uncovers further indications of companies with ties to Sanjeev Gupta’s troubled steel empire

https://www.ft.com/content/a1263219-b0f9-4484-a21e-7f489b2eeb35

Commodities trading houses have launched investigations after web domains resembling their own were registered to an email address of an employee at Sanjeev Gupta’s metals empire.

 

Brown bloke finance/business ....

'Friends of Sanjeev' setting up domains with spoof emails, so they can send in pretend invoices.

I bet Sanjeev never steps foot in the UK - at least without court order.

 

 

 

How  f***ing stupid can you be

Quote

The Financial Times discovered that the domains were registered with a Liberty House email address. Liberty House is Gupta’s commodities trading and industrial group and part of his GFG Alliance conglomerate.

You use a Gmail address.

Fraud I can understand but why are Fraudsters so blooming stupid.

  • Agree 1
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.


×
×
  • Create New...